Gold rises in price amid uncertainty in the economy, lower dollar

Gold prices are rising on Friday due to the weakening of the dollar and continuing concerns about the global economic recovery after the coronavirus pandemic.

The spot price of gold rose 0.55% to $1.953.21 a Troy ounce by 13:23 GMT and may end the week higher for the second week in a row.

Gold is getting support from the weak dollar, but prices are likely to remain "in the range between $1,860 and $2,000" per ounce, said Carlo Alberto de Casa, chief analyst at ActivTrades.

"The scenario remains unchanged, the main trend is still positive," he said.

On Thursday, it became known that the number of applications for unemployment benefits in the United States over the past week decreased less than expected, which put pressure on the dollar and increased the attractiveness of gold as an alternative tool for investment.

Palladium fell 0.19% to $2.331. 18 an ounce,while silver added 0.05% to $27.11 an ounce. The price of platinum rose 0.07% to $940.89 an ounce.